Finance Minister Nirmala Sitharaman, speaking at the CII Annual Business Summit 2024, emphasized India's robust growth prospects, foreseeing the consumer market doubling by 2031. She projected that India would contribute 18% to global growth over the next five years.
Highlighting India's compelling growth narrative, Sitharaman expressed confidence in the solid health of both corporate and finance sectors' balance sheets. She stressed the importance of bolstering manufacturing capabilities, underscoring the need for enhanced sophistication in product manufacturing to sustain steady economic growth and achieve self-reliance.
Strengthening manufacturing would enable India to meet domestic demand more effectively and reduce dependency on imports, aligning with the government's vision for self-sufficiency. The Finance Minister noted India's status as the fastest-growing economy, a recognition echoed by global observers and institutions.
Sitharaman expressed optimism about Prime Minister Narendra Modi's potential to secure a strong majority in the upcoming elections, outlining a vision for India's future growth trajectory. She confirmed that suggestions from the CII would be taken into account in the upcoming July budget.
Moreover, Sitharaman underscored the significance of collaboration between the government and industry, both domestically and globally, to address challenges and capitalize on opportunities effectively. She emphasized the importance of the CII's role in fostering cooperation between the government and industry, domestically and internationally, to confront global challenges with greater understanding and leverage national opportunities fully.
